eco final exam fall 2004

eco final exam fall 2004 - Eco 1: Principles of Economics...

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Eco 1: Principles of Economics Final Exam Fall 2004 Name:_______________________________________ Section: (Or day and time of recitation):______________________ 1. Several answers to a multiple-choice question may appear to be partially "correct," you must select the best answer. 2. Do your own work. Copying someone else's answer will lead to a zero on this exam and, possibly, an F in the course. 3. You have three hours to complete this exam. 4. No calculators are allowed. 5. The correct answer is As You Like It. 6. Please mark your answers on the answer sheet. Also, please make sure that your name and ID number are legibly entered onto your answer sheet. 7. Write the color of your exam (e.g. while, yellow or blue) on the upper right-hand corner of the answer sheet. 8. Good luck! And have a good holiday!
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Final Exam Fall 2004 Name:_________________________________________ Section: (Or day and time of recitation):____________ 1. Werthers candy tends to have an elastic demand because a. the candy market is too broadly defined. b. there are many close substitutes for Werthers. c. Werthers are considered by some to be a necessity. d. it is usually eaten quickly and therefore the time horizon is short. 2. The equilibrium of supply and demand in a market a. maximizes the profits of producers. b. can only be achieved with government intervention. c. produces both an efficient and equitable market outcome. d. maximizes the total benefits received by buyers and sellers. 3. The principle of monetary neutrality implies that an increase in the money supply will in the long-run a. increase real GDP and the price level. b. increase real GDP, but not the price level. c. increase the price level, but not real GDP. d. increase neither the price level nor real GDP. 4. A short period of falling incomes and rising unemployment is called a a. depression. b. recession. c. expansion. d. business cycle. 5. Both theory and history point to a close relationship between increases in a. labor demand and increases in labor supply. b. labor demand and decreases in real wages. c. the productivity of labor and increases in real wages. d. interest rates and decreases in real wages. 6. When a good is excludable it means that a. one person's use of the good diminishes another person's ability to use it. b. people can be prevented from using the good. c. no more than one person can use the good at the same time. d. everyone will be excluded from obtaining the good. 7. The present value of a payment to be made in the future is lower at a. higher interest rates and as the time until the payment is made increases. b. higher interest rates and as the time until the payment is made decreases. c.
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eco final exam fall 2004 - Eco 1: Principles of Economics...

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